AUD/JPY: Will Bear Trend Continue?
Jason Sen | Sep 29, 2014 08:00AM ET
AUDJPY in a strong 3-week bear trend but has bounced aggressively off 9508 today. We could reach as far as strong resistance at 9590/95. Exit longs and try shorts with stops above 9615. An unexpected break higher however sees 9595/90 act as support for a move towards 9640/50. Again exit longs and try shorts with stops above 9670.
There is a good chance we will be unable to beat 9590 keeping the outlook negative for a return to last week's low at 9540/35. Today's low is 9508 so a break below here should trigger stops and targets important key weekly support at 9470/65. It is possible we see a low for the week here, despite the strong bear trend. Exit shorts and try longs with stops below 9430.
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